Copper futures were little changed during evening trade in the domestic market on Monday as investors
GOLD – As the largest buyer of physical gold, China’s influence on global price discovery seems likely to increase, says Citi. Shanghai still holds a prominent position as the largest gold futures market outside of the U.S. Gold edged higher in Asia on Tuesday after a deadly explosion at a concert venue in Manchester was said to be a terror attack with reports suggesting that the government is mulling rescheduling the June 8 polls for parliament. Gold futures rose on Monday, supported by a slump in the dollar, after the euro rose to six-month highs while concerns over U.S. political turmoil underpinned demand for safe-haven gold.
CRUDE OIL – Crude prices fell in Asia on profit-taking on Tuesday and in cautious trade after a deadly explosion at a concert venue in Manchester was said to be a terror attack with reports suggesting that the government is mulling rescheduling the June 8 polls for parliament. Goldman Sachs analysts wrote in a report published on Monday that the crude market should be prepared for a shallow effect of an extended output cut plan through march of next year as key producers Russia and Iraq could easily ramp back up output once it is over.Oil prices have surged over recent sessions, on the back of hopes that OPEC would agree to extend the current output cut for a period of nine months, which is beyond the six-month option included in the initial production-cut deal agreed in November. There has been a marked reduction to the inventories, but we’re not where we want to be in reaching the five-year average,” Saudi Energy Minister Khalid al-Falih said last week. OPEC is expected to decide at talks on Thursday, whether to extend the current deal to cut production.
ALUMINIUM – Aluminum ingot stocks in China’s five major markets (Shanghai, Wuxi, Nanhai, Hangzhou and Gongyi) fell for two weeks in a row last week, due mainly to low arrivals, SMM found. Aluminum liquid consumption continued growing in Xinjiang, Gansu, Qinghai and Shandong. Capacity restarts and new capacity commissioning boosted consumption of aluminum bus bar. As such, aluminum ingot output dropped, SMM explained. Profit Expands at Chinese Aluminum Smelters, SMM Says As of May 22, aluminum ingot stocks in these five major markets totaled 1.17 million tones, SMM statistic showed.
COPPER – Copper futures were little changed during evening trade in the domestic market on Monday as investors and speculators extended their positions in the industrial metal on weakness in the US dollar amid political uncertainty in the US dampened expectations that President Trump would be able to boost infrastructure spending. Further investors hopes were diminished for US reform and rethinking strategies premised on Donald Trump’s economic growth promises as he faced his loudest criticism yet over possible collusion between his election campaign and Russia.
LEAD – Lead futures were trading higher during morning trade in the domestic market on Tuesday as investors and speculators build up fresh bets in the industrial metal on uptick in physical demand for lead from battery-makers in the domestic spot market.
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